Is there a QGIS equivalent of the **[Erase][1]** tool in ArcGIS Desktop?

The Erase tool:

> Creates a feature class by overlaying the Input Features with the
> polygons of the Erase Features. Only those portions of the input
> features falling outside the erase features outside boundaries are
> copied to the output feature class.

  [1]: http://resources.arcgis.com/en/help/main/10.2/index.html#//00080000000m000000